OMV AGGrey Market
Tue, Nov. 8, 2:57 PM
- OMV (OTC:OMVJF) agrees to sell its U.K. subsidiary to P-E backed Siccar Point Energy, putting an end to its exploration activities in Britain, in a deal valued at up to $1B.
- Siccar Point will make an initial $750M firm payment to OMV, with a contingent $125M payment due pending a final investment decision on the Chevron-operated Rosebank project off the Shetland Islands in the U.K. North Sea.
- The Rosebank development project has been stalled in the front-end engineering and design phase since 2012; a final investment decision had been expected last year.
- OMV says the deal would at current exchange rates shave €350M ($386M) off its overall EBIT to reflect lost revenues in 2016.
Aug. 19, 2013, 2:45 AM
- Statoil (STO) has agreed to sell stakes in key offshore Norwegian fields to Austrian company OMV (OMVJF.PK) for $2.65B.
- Under the deal, Statoil's holding in the Gullfaks field will drop to 51% from 70%, and in the Gudrun field to 51% from 75%. The Norwegian company is also exiting two other fields near Scotland.
- The transaction includes a contingent payment as well and a partnership between the two companies.
- Statoil expects to recognize a gain from of $1.3-1.5B from the deal, which will allow it to reallocate $7B of capital expenditure. (PR)